The Serious Fraud Office opened an investigation into the dealings of failed minor lender Mutual Finance last week.

The white-collar crime investigator began its probe on December 23 after receiving information from the financier’s receiver and the Ministry of Economic Development’s National Enforcement Unit (NEU), according to the SFO website.

“The director determined there was reason to suspect that an investigation into the affairs of Mutual Finance and related companies may disclose serious or complex fraud,” the website said. “SFO has commenced its investigation and is working closely with NEU and the Securities Commission to progress the investigation.”